Innovation and Commercialisation : Essence drink Company

Added on - 21 Feb 2021

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Innovation andCommercialisation
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1 Innovation and its significance in organisation.....................................................................1P2 Shaping commercialisation and innovation within organisation...........................................2P3 Innovation funnel and 4 P's...................................................................................................3P4 Frugal innovation...................................................................................................................6P5 Explain commercial funnel and the application of new development process......................7P6 Build an innovation business case also including ways of assess funding...........................9P7.Different tools that protect the intellectual property.............................................................11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation is defined as the creative methods or thoughts which helps to provideeffective and improved solutions to a specific process or the requirements. For the long termsuccess and operational efficiency of the business it is necessary that innovation must beintegrated with the business practices. The organisation who does not make regular efforts toinnovate their products or operational methods have higher risk of failures(Henttonen andLehtimäki, 2017). Along with the innovation it has been also essential for the companies toprevent their innovative ideas and other knowledge assets.The report will highlight the significance of the innovation and how it can influence theoverall business performance. It will also discuss the frugal innovation and 4 P's of innovation sothat organisations can innovate their practices and services. Further the study will also evaluatethe new product development process and tools for protecting intellectual property.P1 Innovation and its significance in organisationInvention is defined as the process to introduce a completely new product or idea whichhas never been introduced or launched earlier. Contrary to this the process of innovation is calledas the applying any particular idea or strategy for a service or product for the first time. Thus, thekey emphasis of the innovation is to add value to the existing services or products of theorganisation. There is need of in depth scientific skills while the innovation can be brought byemploying strategic, marketing and technical skills. Invention is very tough nut to crack and canoccur with lots of efforts and years of handwork(Vishnevskiy, Karasev and Meissner, 2015).Thus, for dealing with the marketing and business challenges companies prefer innovations forimproving the existing product and service range.Innovation is very important for the success of Essence drink. It changes the existingbusiness model and environment so that the products can meet the quality standards. Theinnovations can provide the better solutions to specific problems. For instance as Essence drinkis facing problem of declined sales, innovating its products with new packaging or productspecifications will attract more consumers and the problem will be solved. The organisation alsoexperiences management and operational difficulties which affects the overall productivity andefficiency of the employees(Mollick and Robb, 2016). Thus, innovations can also helpsorganisation to manage the work properly and to eliminate the quality and error related issues.1
When Essence drink innovate its products then it also acts as marketing of theorganisation. The innovative services or the products helps to promote the company. Uniqueinnovative practices distinguishes organisation from all other competitors so that its sales andperformance can be increased. Thus, in order to establish organisation as unique from rest of themarket and to lead the competitor's innovation is required.P2 Shaping commercialisation and innovation within organisationIt is not an easy task to innovate and commercialise any product and services. It isinfluenced by variety of factors. The team members of Essence drink must be well aware of thevision and goal of the organisation so that their innovation can meet long term objectives of thecompany. The innovations are hard to implement and discover without support and motivationfrom the leaders. The leaders of Essence drink regularly encourages team members to identifythe operational areas in which improvements can be accomplished by using innovation. It hasbeen also identified that when the leaders does not support creative ideas and equal contributionof the team members then there are chances that organisation will be able to continuouslyinnovate its services(Wonglimpiyarat, 2016).Hence, it is required that Essence drink must develop and promote an organisationalculture in which there must be effective communication and knowledge sharing. It will providesupporting environment for the innovation. Another challenge which can affect the success ofinnovation is the commercialisation process. The product cannot be directly commercialised intothe market without efficient team work. It has been evaluated that the effective teams can detectthe loop holes or the drawbacks of innovation. Working in teams can help to explore the properapplication of the innovation into practices. Thus, it is recommended that team culture andefficiency be groomed and team performances must be regularly reviewed. The innovationcannot be made successful without support from the team members.The key requirements for the innovation is the flexibility in the organisational culture.The companies who does not allow flexibility in knowledge sharing and operational processesare not able to innovate their products(Kuratko and Hoskinson, 2016). Contrary to this whenEssence drink will allow its team members and leaders to explore the variety of marketingapproaches and technological advancements then there will be greater chances of successfulintegration of the business with innovation.2
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